34 
Damages 
after the list 
presented to 
the C. 0. R. 
milliards in fr. 
gold 
Claims allowed by Spa agreement 
TOTAL 
Proportion 
Against Germany 
132 mil. marks gold 
Against Austria, Hun 
gary, Bulgaria 12 mi 
lliards 
milliard 
M. C. 
"lobetween 
damages 
a claims 
allowed (*) 
°lo 
| milliard M. C. 
% 
milliard M. C. 
British Empire . 
64.0 
22% 
29.0 
H°/o 
1.3 
30.3 
47.3»/ 0 
France 
218.5 
52% 
68.6 
26% 
3.1 
71.7 
32.8°,, 
Italy 
74.2 
1QO/0 
13.2 
25% 
3.0 
16.2 
23.1% 
Belgium .... 
36.5 
8% 
10.5 
4% 
0.4 
10.9 
29.8% 
Servia 
27.7 
5% 
6.5 
10% 
1.2 
7.7 
27.4°,„ 
Roumania . . . 
31.1 
i7o 
1.3 
1% 
1.8 
3.1 
1.0% 
By these figures we can see that while the percentage proportion between 
the damages suffered and the claims allowed, varies for the other States from 
23°/o to 47% Roumania gets the lowest quota of 10%. And we must not forget 
that the figure of 31.1 milliards, from which we reckoned above, represents for 
the Roumanian State only the damages suffered, and the issue of the "Ranca 
Generala« notes, without adding the other special claims of Roumania’s and 
the obligations imposed by treaties of Peace. 
In the light of these figures, the Spa agreement and the quota granted to 
Roumanian are eloquent enough. 
The German payments on account of the reparations, after the quantum of 
the war debt established at 132 milliards of marks gold, were hard to obtain. A 
first moratorium was granted to Germany in 1922, and only the non acceptation 
by the Reich of the conditions for a second moratorium which the allies were 
willing to grant, obliged some of the allies to proceed to the application of the 
sanctions, by the occupation of the Ruhr on January 11 th 1922, and the direct 
recuperation of the right of the allies. 
Towards the end of the year 1923, the Commission of reparations, applying 
the provisions of article 234 of the Treaty of Versailles consented to reexamine 
the question of German possibilites and to determine anew her deb t for reparations 
To this intent, the Commission of Reparations, delegated, on November 
30 th 1923, a commission of experts to study the question, and to refer. The 
London Conference of July—August 1924, was called for settling the appli 
cation of this plan by the interested Governments. (Annex 57). 
The plan of the experts modified, and become now Dawe’s plan, puts 
the question of the German reparations on another footing, fixing a new stage 
in the evolution of the application of the treaties. 
In fact, according to the treaty, Germany’s debt was fixed and global, 
engaging all her resources, without any other right of interference for the 
Commission of reparations, besides demanding the payment for the amounts 
and in the prescribed delays. 
Dawe’s plan destines certain ressources of Germany’s for paying the repa 
rations, it imposes the forming of a budget, and constitutes organs which 
within the German administration should assure the payments. In Dawe’s